Financial News: German Inflation Weakest Since Late 2016

German Inflation Weakest Since Late 2016

04/29/2020 - 08:20:00 (RTTNews)

(RTTNews) - German inflation slowed to the lowest since late 2016, preliminary data from Destatis showed Wednesday.

Consumer price inflation eased to 0.8 percent in April from 1.4 percent in March. A similar slower rate was last reported in November 2016. Nonetheless, this was faster than economists' forecast of 0.6 percent.

The increase in goods cost slowed to 0.3 percent from 1.3 percent. At the same time, services cost advanced 1.3 percent, slightly slower than the 1.4 percent rise seen in March.

Inflation, based on the harmonized index of consumer prices, also slowed to the lowest level seen since November 2016. The HICP climbed 0.8 percent annually, following a 1.3 percent rise in March. Economists had forecast an annual growth of 0.5 percent.

Month-on-month, the HICP moved up 0.4 percent, faster than the expected rise of 0.1 percent. Final data for April inflation is due on May 14.